Jefferies Financial Group Research Analysts Cut Earnings Estimates for International Game Technology PLC (NYSE:IGT)

Posted by admin on Jul 23rd, 2022

International Game Technology PLC (NYSE:IGT – Get Rating) – Jefferies Financial Group dropped their Q1 2023 EPS estimates for International Game Technology in a report released on Wednesday, July 20th. Jefferies Financial Group analyst D. Katz now forecasts that the company will post earnings of $0.33 per share for the quarter, down from their previous forecast of $0.34. Jefferies Financial Group currently has a “Buy” rating and a $26.00 target price on the stock. The consensus estimate for International Game Technology’s current full-year earnings is $1.40 per share. Jefferies Financial Group also issued estimates for International Game Technology’s Q2 2023 earnings at $0.28 EPS, Q3 2023 earnings at $0.25 EPS, Q4 2023 earnings at $0.13 EPS and FY2023 earnings at $0.99 EPS.

A number of other equities research analysts also recently issued reports on IGT. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of International Game Technology from $37.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday, July 14th. StockNews.com raised shares of International Game Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, June 15th. Finally, Truist Financial reduced their price objective on shares of International Game Technology from $36.00 to $30.00 and set a “buy” rating for the company in a research report on Wednesday. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $38.67.

International Game Technology Trading Down 3.1 %

NYSE:IGT opened at $18.07 on Friday. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.43 and a quick ratio of 1.33. The firm has a 50-day moving average of $19.63 and a 200-day moving average of $23.41. The company has a market cap of $3.68 billion, a PE ratio of 7.93 and a beta of 1.91. International Game Technology has a one year low of $16.46 and a one year high of $32.95.

International Game Technology (NYSE:IGT – Get Rating) last posted its earnings results on Tuesday, May 10th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.34 by $0.05. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. International Game Technology had a net margin of 11.37% and a return on equity of 3.35%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 earnings per share.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kestra Advisory Services LLC lifted its stake in shares of International Game Technology by 1.8% during the 4th quarter. Kestra Advisory Services LLC now owns 26,178 shares of the company’s stock valued at $757,000 after buying an additional 459 shares in the last quarter. National Bank of Canada FI purchased a new stake in shares of International Game Technology during the 4th quarter valued at approximately $60,000. Janney Montgomery Scott LLC lifted its stake in International Game Technology by 1,330.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 345,009 shares of the company’s stock worth $9,974,000 after purchasing an additional 320,884 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in International Game Technology in the 4th quarter worth approximately $1,040,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in International Game Technology in the 4th quarter worth approximately $227,000. 44.33% of the stock is currently owned by hedge funds and other institutional investors.

International Game Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 7th. Shareholders of record on Tuesday, May 24th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date of this dividend was Monday, May 23rd. International Game Technology’s payout ratio is 35.09%.

About International Game Technology

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International Game Technology PLC operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services.